SELIG OFFICE PORTFOLIO
6007 Legacy Drive, Plano, Texas 75024
BORROWER’S DESIRED RESULT
Martin Selig Real Estate chose 3650 REIT for this financing due to its national experience, nuanced attentiveness, transparency, certainty of execution, ability to rapidly execute and deep real estate proficiency. The sponsor sought an efficient closing process in light of a sensitive regulatory issue with one of the project’s tenants, to refinance the portfolio and advance continued development initiatives.
3650 REIT originated this loan for Seattle-area mainstay Martin Selig Real Estate to refinance a portfolio of three well-located office properties, two in the city’s most densely populated neighborhood, Belltown (3rd & Battery, 4th & Battery), and the third on the Elliott Bay waterfront in the Queen Anne neighborhood (333 Elliott). Utilizing its wide-ranging real estate expertise to recognize the high quality of the assets, 3650 was able to successfully leverage attractive pricing, strong sponsorship and an appealing market environment to complete the loan. With the additional challenge of a lease provision affected by certain regulatory restrictions, 3650 forged a swift path to execution by understanding the desired outcome and providing the creative capital structure necessary to meet the sponsor’s goals, all while maintaining full transparency throughout the process.
LOAN AMOUNT: $135 million
LOAN TYPE: 10-Year
ASSET: Office Portfolio, encompassing three properties
• Portfolio totals ~403,000 SF
• Properties ideally located near Elliott Bay waterfront
• First-class amenities including local shopping and dining, ample parking, bay views